“Lately, there has been an increasing number of conversations among investors around shifting portfolio allocations from bitcoin to altcoins to capture the higher returns alts have provided during more speculative risk-on periods,” FundStrat, a global advisory firm, wrote in a Thursday newsletter. “The last negative days failed to damage the overall market structure, and fundamentals further indicate that the long term remains decisively bullish,” Enzersdorfer-Konrad wrote.ĭespite recent volatility, some traders are starting to position for further upside in alternative cryptocurrencies (altcoins) such as ether. “Bitcoin and major altcoins are experiencing strong volatility on the intraday chart, which is normal at all-time-high levels, like we have seen lately,” Lukas Enzersdorfer-Konrad, Bitpanda chief product officer, wrote in an email to CoinDesk. Overall, analysts expect further upside for cryptocurrencies for the remainder of the year despite occasional pullbacks, which can lead to choppy trading conditions. Technical charts indicate further upside for ether relative to bitcoin, with an upside target toward 0.08 in the ETH/BTC price ratio as discussed in yesterday’s Market Wrap. Ether, the world’s second-largest cryptocurrency by market capitalization, reached a new all-time price high of around $4,400 on Friday, topping the previous record high of $4,379 in May, according to CoinDesk data.ĮTH is up about 11% over the past week, compared to a 3% rise in BTC over the same period.
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